The July reading on job creation and unemployment, out Friday, carries even more significance than usual. / Spencer Platt, Getty Images

by Kim Hjelmgaard, USA TODAY

by Kim Hjelmgaard, USA TODAY

Stocks were little changed and close mixed Thursday a day after the Federal Reserve's decision to trim its stimulus sent stocks soaring to new highs.

The Dow Jones industrial average rose 11.11 points, or 0.1%, to close at a new record of 16,179.08. The Standard & Poor's 500 index slipped 1.05, or 0.06%, to 1,809.60 and the Nasdaq composite index dropped 11.93 points, or 0.3%, to 4,058.13.

Long-term interest rates and the dollar are rising after the Federal Reserve said it would reduce its bond purchases.

Bond prices fell, sending yields higher. The yield on the 10-year Treasury note rose to 2.93%, up from 2.89% Thursday.

In the previous session, investors took Wednesday's Federal Reserve announcement of smaller monthly bond purchases as a positive sign.

On Wednesday, the Dow rose 292.71 points, or 1.8%, to 16,167.97. The S&P 500 index jumped 29.65 points, or 1.7%, to a record close of 1,810.65. The Nasdaq composite index added 46.38 points, or 1.2%, to a fresh 13-year high of 4,070.06.

The Fed said that starting in January, it will reduce its bond-buying program to $75 billion a month from $85 billion. The reductions, or tapering, will be the first step toward winding down a program that has been in place since the 2008 financial crisis.